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First of all, the death rate for those who we know have it is 5%. Since 80% of the people who get it have little to no symptoms, there are a whole bunch of people who have had it and don't know they had it. Extrapolate that number and the death rate is easily likely less than 1%. On top of that, the death rate is bound to have been worse in the beginning of the pandemic when we didn't know how to treat it. Now that we have more experience and better therapies, the current death rate is likely a lot less than the initial 5% stat.

That isn't to minimize the pandemic or the seriousness of Covid. It is worse than "the flu" and we don't know what we don't know about it. But that 5% number really doesn't mean squat in relation to what the long term death rate will be once we have a better grip on things.